COME FLY WITH ME.

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Author: Palmeri, ChristopherGagnier, Monica

HEADLINER: W. DOUGLAS PARKER

Consumers may think of America West Airlines as a cheap flight to Las Vegas, but Doug Parker, the man who runs the nation's eighth-largest airline, has bigger ideas. He wants to merge with US Airways Group and form the nation's largest low-cost airline. Taking over bankrupt US Airways, with its higher costs and poor customer service, won't be easy. And Parker insists he won't do any deal that hurts his investors. But Wall Street still knocked America West shares down 5%, to $4.55, on Apr. 20.

During a time of turmoil in the skies, Parker, 42, has made his own luck. He was first to get a government bailout after September 11, charge for meals, and institute lower-priced, last-minute fares -- all strategies followed by others.

And what if the pairing with US Airways doesn't happen? Parker told analysts the time is ripe for mergers, given a better labor climate and bankruptcies that allow carriers to jettison unprofitable leases. Translation: He'll keep his radar on.

The McGraw-Hill Companies, Copyright 2005

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By Christopher Palmeri

Edited By Monica Gagnier